Income Tax

Leave Encashment: Tax Exemption Increased to Rs 25 Lakhs

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Leave encashment tax exemption increased to Rs 25 lakhs

Leave Encashment tax exemption limit is increased to Rs 25 lakhs as per the latest CBDT notification.

The Central Board of Direct Taxes (CBDT) increases the tax exemption limit on leave encashment for non-government employees from Rs 3 lakhs to Rs 25 lakhs. The honourable Finance Minister Ms. Nirmala Sitharaman proposed the increase in tax exemption limit on leave encashment for non-government salaried employees in the Budget Speech 2023. The new tax exemption limit will come into effect from 1st April 2023.

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Section 80TTA – Claim Tax Deduction on Savings Account Interest

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Claim 80TTA Deduction for AY 2022-23

Section 80TTA provides a deduction of Rs 10,000 on interest earned on the Savings account. However, only individuals and HUFs can claim deduction under this section.

So, Senior citizens can claim deduction under section 80TTB, which has a higher deduction limit of Rs 50,000. Furthermore, you cannot claim an 80TTA deduction for interest earned on time deposits such as fixed deposits or recurring deposits.

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Link PAN to Aadhar Easily

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Link PAN to Aadhar

Link PAN to Aadhar by 30th June 2023 to continue your financial transactions. In other words, you will be able to buy or withdraw money only if you link PAN to Aadhar before the deadline.

Linking PAN with Aadhaar is a simple process. Yet, if you need help, check out How to link aadhaar with PAN card online step by step given below.

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How to file Income Tax Return for Salaried Employee?

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How to File Income Tax Return for Salaried Individual?

Learn how to file income tax return for Salaried Employee online. It is easy and you can file your ITR at the comfort of your home. Ensure that you file your return before the Income-tax due date to avoid any penalty.

If you are a salaried individual with an income of less than Rs 50 lakhs, you must use the ITR-1 form to file your income tax return. You can choose to file your ITR either online or offline.

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TDS Payment Online| TDS Rate| Status

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TDS Payment Online

TDS Payment Online is a facility available to the taxpayers to ease the payment of tax. TDS refers to the tax deducted at source. The TDS Deductor deducts tax at the time of making payment to Deductee. The Deductor has the option to deduct tax either on the invoice date or payment date whichever is earlier. After deducting the TDS amount at the applicable TDS rate, he will be paying the balance amount to the Deductee.

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Income Tax Return Filing Due Date 2021- Last Date Extended

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Income Tax Return Filing 2021 Last Date Extended

CBDT further extends the income tax return filing due date (IT return due date) for FY 2020-21 from 31st Dec 2021 to 15th March 2022 for individuals whose accounts do not require an audit. This extension comes in light of the difficulties faced by taxpayers due to the COVID-19 pandemic.

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